In the latest Global Real Estate Transparency Index 2024, released by global property consultant JLL, India has made significant progress, climbing to the 31st position. This marks a notable achievement as it reflects the country’s improvements in governance and transparency within the real estate sector. The report, which evaluates real estate transparency across 89 countries, indicates that India’s Tier-I real estate markets have now entered the “transparent” zone for the first time. This advancement is primarily driven by the institutionalization of commercial assets and better access to a wide range of real estate data sets.
The United Kingdom continues to lead the rankings with a score of 1.24, followed by other global leaders. India’s score of 2.44 highlights its progress in the transparency domain and is seen as a key milestone in the ongoing development of the country’s real estate market.
As many as 13 countries have been classified into the “high-transparency” zone, including the United Kingdom, France, the United States, Australia, Canada, Netherlands, New Zealand, Ireland, Sweden, Germany, Japan, Belgium, and Singapore. These nations are known for their robust governance systems, institutionalization of real estate assets, and access to reliable and transparent data, which has earned them top spots in the global rankings.
In addition to these, Finland has topped the “transparent zone” list, with 21 other countries such as Spain, South Africa, China (Tier-1 cities), Thailand, Romania, Norway, Czech Republic, Luxembourg, Denmark, and Switzerland among those classified in this zone. The remaining countries are placed in the semi-transparent, low transparency, and opaque zones, where transparency efforts are still in progress.
India’s rise to the “transparent” zone is a result of several key factors. Among the most important are the proactive efforts by regulatory bodies like the Reserve Bank of India (RBI), the digitization of property records, and the implementation of climate risk disclosure guidelines. These measures have made it easier for investors to access reliable data, while also helping to ensure the sustainability of real estate practices in the country. The Real Estate (Regulation and Development) Act (RERA) has been pivotal in boosting governance and safeguarding the interests of investors, while the Insolvency and Bankruptcy Code has streamlined the process for resolving insolvency issues, providing a sense of stability and certainty to the market.
Although India has made considerable progress, there are still areas where improvement is needed. One key area is the strengthening of dispute resolution mechanisms, which could further improve investor confidence and create a more stable market. Data democratization is another important aspect, where making real estate data more accessible to all stakeholders—including consumers, developers, and investors—can contribute to a more transparent market. Additionally, increasing institutional participation in public real estate markets will help to deepen market maturity and encourage more sustainable development practices.
India’s real estate landscape has seen significant institutional investments in its Tier-I cities, including Hyderabad, Mumbai, Bengaluru, Delhi, Chennai, Ahmedabad, Pune, and Kolkata, which have all made notable strides toward transparency. These cities are considered the primary engines of the country’s real estate market, driving institutional and commercial investments.
Karan Singh Sodi, Senior Managing Director at JLL, emphasized that enhancing dispute resolution processes could further improve the sector’s prospects. He also pointed out the need for continued focus on improving India’s real estate sector through consistent reforms that can make it globally competitive.
The Global Real Estate Transparency Index 2024 underscores India’s steady progress in improving the transparency and governance of its real estate market. While some challenges remain, the country is on the right track, and with continued effort, it is poised to become an even more attractive destination for both domestic and international real estate investors. This shift in transparency not only reflects a growing commitment to regulatory reform but also highlights the significant strides India has made in fostering a more investor-friendly and sustainable real estate market. As the country moves forward, institutional participation, digitization, and a focus on sustainable development will play a central role in further improving its transparency score.
